Novanta (NASDAQ:NOVT – Get Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.71-$0.76 for the period, compared to the consensus estimate of $0.77. The company issued revenue guidance of $214.00 million-$216.00 million, compared to the consensus revenue estimate of $212.96 million. Novanta also updated its FY 2022 guidance to $2.96-$3.02 EPS.

Novanta Stock Performance

Shares of NASDAQ NOVT traded up $1.60 during trading hours on Friday, reaching $150.39. The stock had a trading volume of 3,429 shares, compared to its average volume of 644,852. The business's fifty day moving average is $130.46 and its two-hundred day moving average is $131.88. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.01 and a quick ratio of 1.29. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 83.99 and a beta of 1.16. Novanta has a twelve month low of $110.84 and a twelve month high of $184.44.

Novanta (NASDAQ:NOVT – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.06. Novanta had a return on equity of 20.14% and a net margin of 7.99%. The firm had revenue of $215.36 million during the quarter, compared to analyst estimates of $209.07 million. During the same period in the prior year, the company posted $0.62 earnings per share. The business's revenue for the quarter was up 28.6% compared to the same quarter last year. As a group, research analysts expect that Novanta will post 3 EPS for the current year.

Wall Street Analysts Forecast Growth

Institutional Trading of Novanta

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in Novanta by 32.4% in the first quarter. Wellington Management Group LLP now owns 281,600 shares of the technology company's stock valued at $40,069,000 after acquiring an additional 68,846 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Novanta by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 516,322 shares of the technology company's stock valued at $73,467,000 after acquiring an additional 33,454 shares during the last quarter. Invesco Ltd. boosted its holdings in Novanta by 7.2% in the first quarter. Invesco Ltd. now owns 404,262 shares of the technology company's stock valued at $57,523,000 after acquiring an additional 27,161 shares during the last quarter. Renaissance Technologies LLC bought a new position in Novanta in the first quarter valued at about $3,472,000. Finally, State Street Corp boosted its holdings in Novanta by 2.6% in the first quarter. State Street Corp now owns 712,180 shares of the technology company's stock valued at $101,336,000 after acquiring an additional 17,998 shares during the last quarter. Institutional investors own 94.10% of the company's stock.

About Novanta

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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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